King Mohammed VI presided, on Friday at the Throne Hall in Rabat Royal Palace, over the signing ceremony of two agreements related to the contribution by the Hassan II Fund for Economic and Social Development to the “Integrated Program for Enterprise Support and Financing”, with a budget of 2 billion dirhams at zero rate.
At the start of this ceremony, President of the Board of the Hassan II Fund for Economic and Social Development, Dounia Ben Abbas Tâarji, presented, in a speech before HM the King, the measures taken by the Hassan II Fund, in application of the High Royal Instructions, in favor of entrepreneurship in the rural world.
She said that, in addition to the public/private fund to support entrepreneurship amounting to 6 billion dirhams, jointly funded by the banks and the State, and which was the subject matter of the signed agreements before the Sovereign at the beginning of the week and in application of the High Royal Instructions, the Hassan II Fund provides an additional 2 billion dirhams which will be reserved for the support of entrepreneurship projects in the rural world, thus representing the quarter of the funding for this integrated program.
“The amount of 2 billion dirhams provided by the Hassan II Fund, at a rate of zero percent, will support the banks, on top of which the Crédit Agricole du Maroc,” said Tâarji, noting that this contribution by the Fund helped reduce the interest rate under this program, spurred by HM the King, to a historically low level limited at 1.75%.
The President of the Hassan II Fund Board also noted that the projects which will be funded are those belonging to small or very small businesses, whether they are agricultural or non-agricultural, self-employed entrepreneurs or young project holders, young innovative companies, and small farms (natural or legal persons).
“Future investment projects under the Melkization of collective land operation are also eligible,” she added, noting that for agricultural projects, the typology of eligible projects must be compatible with the vocations specified within the framework of the national strategy for agricultural development and notably by encouraging cultivation with better value added.
Tâarji also announced the deployment of a monitoring mechanism to assess the real impact of this funding on the rural world and its contribution to the emergence of a rural middle class. “With the help of the Caisse Centrale de Garantie, all information relating to the running and achievements of the granted funding will be reviewed regularly,” she said.
Subsequently, HM the King presided over the signing ceremony of two agreements. The first is related to the contribution of the Hassan II Fund to the financing of entrepreneurship in the rural world. It was signed by Minister of Economy, Finance and Administration Reform Mohamed Benchaâboun, Governor of Bank Al-Maghrib Abdelatif Jouahri, President of the Board of the Hassan II Fund for economic and social development Dounia Ben Abbas Tâarji and President of the Professional Grouping of Banks in Morocco Othman Benjelloun.
The second agreement, relating to the implementation of the funding granted for entrepreneurship in the rural world “Al Moustatmir Al Qarawi”, was signed by Mohamed Benchaaboun, Dounia Ben Abbas Tâarji, Chairman of the Board of Crédit Agricole du Maroc Tarik Sijilmassi, president of the board of Al Barid Bank Najmeddine Redouane and managing director of the Caisse Centrale de Garantie Hicham Zanati Serghini.
The ceremony was attended by the Head of Government, the King’s Advisors and members of the government.